SEATTLE, July 07, 2021 (GLOBE NEWSWIRE) – Impel NeuroPharma, Inc. (Impel), an advanced-stage biopharmaceutical company focused on the development and commercialization of transformative therapies for patients living with central nervous system (CNS) diseases with medical needs, today announced the closing of a $ 50 million credit facility with Oxford Finance LLC and Silicon Valley Bank, of which the first $ 20 million was funded at closing.
“This strategic debt financing, together with our current liquidity, increases the strength of our balance sheet and positions us firmly to execute the potential launch and commercialization of TRUDHESA ™ for the treatment of patients with acute migraine,” said Adrian Adams, President and CEO. Head of Impel NeuroPharma. “The NDA for TRUDHESA was accepted for review by the United States Food and Drug Administration in January of this year and has a target date of action under the Prescription Drug User Fee Act of September 6, 2021.”
Initial tranche of $ 20 million extends expected Impel cash flow track to 4e quarter of 2022. Under the terms of the loan facility, the second tranche of $ 10 million is available until September 30, 2021 upon approval by TRUDHESA ™. The third tranche of $ 20 million is available until December 31, 2022, subject to the achievement of certain revenue milestones and other specified conditions. The loan facility will mature on July 1, 2026 and only requires interest payments until September 1, 2023, subject to a potential extension with the achievement of certain income milestones.
“Oxford and SVB are pleased to provide Impel with access to this growth capital term loan facility as the company prepares to commercially launch TRUDHESA ™ and continues to develop its proprietary POD.® technology, which has shown positive results in several clinical trials to date, ”said Christopher Herr, senior managing director of Oxford.
Cowen acted as sole financial advisor to the Company in connection with the Loan Facility.
About Impel NeuroPharma
Impel NeuroPharma, Inc. is an advanced stage pharmaceutical company focused on using its proprietary technology to develop and commercialize transformative therapies for people with high unmet need conditions, with an initial focus on heart disease. SNC. The Company’s strategy is to rapidly advance its product candidate portfolio which combines its proprietary Precision Olfactory Delivery (POD®) with well-established therapies including TRUDHESA ™ for the acute treatment of migraine, INP105 for the acute treatment of agitation and aggression in patients with autism and INP107 for the OFF episodes of Parkinson’s.
About Oxford Finance LLC
Oxford Finance is a specialty finance company providing senior secured loans to public and private life science and healthcare companies around the world. For more than 20 years, Oxford has provided flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. Over the past few years, Oxford has made more than $ 7 billion in loans, with lines of credit ranging from $ 5 million to $ 150 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in San Diego, California; Palo Alto, California; and the greater areas of Boston and New York. For more information visit https://oxfordfinance.com/
About Silicon Valley Bank
For nearly 40 years, Silicon Valley Bank (SVB) has been helping innovative companies and their investors quickly advance bold ideas. SVB provides focused financial services and expertise through its offices in innovation centers around the world, including offices in Seattle, San Francisco, Irvine and San Diego. With commercial, international and private banking services, SVB helps meet the unique needs of innovators. Learn more at svb.com.
Caution regarding forward-looking statements
This press release contains “forward-looking” statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including, but not limited to, expectations regarding the cash flow track of Impel, Impel’s ability to meet the terms of the credit facility tranches, timing of Impel’s NDA approval for INP104 (proposed trade name TRUDHESA ™) and other Impel regulatory submissions, the timing of the announcement of the clinical results and clinical development activities of its product candidates; and the potential benefits and market opportunities of INP104 and its other product candidates. Forward-looking statements may be identified by words such as: “believe”, “could”, “will”, “potentially”, “estimate”, “continue”, “anticipate”, “intend”, “could” , “Could”, “,” “plan”, “plan”, “expect” or the negative or plural of these words or similar expressions. These statements are subject to many risks and uncertainties which could result in actual results and events materially different from those anticipated, including, but not limited to, Impel’s ability to obtain and maintain regulatory approval of INP104 and its other product candidates, its ability to execute its marketing strategy for INP104 its ability to develop, manufacture and market its product candidates, including plans for the future development of its POD devices and plans to address additional indications for which Impel may seek approval regulatory responsibility, whether the results of preclinical studies or clinical trials are indicative of the results of future trials and the effects of COVID-19 on its clinical programs and business operations. Many of these risks are described in more detail in documents filed by Impel with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date of this press release. Impel assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.
Impel, POD, and the Impel logo are US registered trademarks of Impel NeuroPharma, Inc. To learn more about Impel NeuroPharma, please visit our website at https://impelnp.com/.
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